5 MinsJune 14, 2022
Cochin-based Rajesh Menon moved to Dubai last month, for work. Now his sister’s wedding has been fixed for next month. But since Rajesh has started work recently, he will not be able to travel to India. While Rajesh is upset about this, he is happy that he can at least send money for the wedding. Let us see what the options are for Rajesh and scores of other NRIs like him, in Dubai, to send money to their loved ones in India.
When Rajesh checked for ways to transfer money, he learned that he had three options:
(1) Rajesh can send money to his father’s bank account digitally, through Remit Money. This is an online money transfer website of Axis Bank, which enables NRIs from the UAE to send money to India. The advantage is that his father will receive the money the same day, or the next day. Besides, Rajesh can send any amount of money in a single transfer, which makes this option very convenient and hassle-free.
For this Rajesh has to do the following steps:
- Log into remitmoney.com and register, which takes just 30 seconds.
- Add his Indian beneficiary account, enter the amount he wants to send and send the money to Axis Bank’s Nostro/partner account before the cut off time.
The funds will be credited into the Indian beneficiary account the same day. There are no correspondent bank fee or service charge.
Rajesh will also get extra rate benefit on all transfers, referral rewards and cash point benefit. What’s more, Rajesh redeem these cash points and send some extra money to his sister as a gift for the wedding!
(2) Another option is to transfer using SWIFT or what is commonly known as a wire transfer. Axis Bank is also a member of SWIFT, the world’s leading financial communication network that allows secure messaging related to money transfers between banks. The bank has tie-ups with over 200 major banks across the world.
The advantage is that one can transfer funds from any foreign bank to any Axis Bank branch in India. Since this is a bank-to-bank transfer, it is a reliable option.
[Also Read: How online remittance services score over other modes]
Rajesh has to share the following details with his local bank:
- Remitter name (in this case Rajesh), account number, and overseas address. This should be mentioned in the payment message sent by your local bank
- Partner Bank name, account number, and SWIFT code
- Beneficiary bank name as 'Axis Bank, India' & SWIFT Code as 'AXISINBBXXX'
Rajesh should ensure that his remitting bank mentions his account number, name, address, and purpose of remittance in the payment message.
(3) The third option is to send money through one of the 35 Exchanges Houses in UAE that have tie-ups with Axis Bank.
You can get more information on Axis Bank’s international wire transfer services and how to send money to India from Dubai.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision. Names mentioned in this article are fictitious in nature and only for explanatory purposes